Housing Wealth, Property Taxes, and Labor Supply among the Elderly

• 成果类型: Article
• 署名作者: Zhao, Lingxiao; Burge, Gregory
• 署名单位: Southwestern University of Finance & Economics - China; University of Oklahoma System; University of Oklahoma - Norman
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/687534
• 发表日期: 2017
• 页码: 227-263
• 关键词: social-security; financial wealth; real-estate; retirement; consumption; insurance; inheritance; earnings; choices; prices

摘要

We investigate the relationship between housing wealth, property taxes, and elderly labor supply using longitudinal data from the Health and Retirement Survey spanning the recent boom/bust housing cycle. When combined with MSA-specific house price indexes, the data provide plausibly exogenous variation in housing wealth, identified through within-MSA renter/homeowner comparisons. Our findings suggest that elderly households respond to variation in housing wealth and property taxes in the predicted opposing directions, that wealth influences labor supply to a lesser extent than factors like health and marital status, and that the effect of housing wealth on labor supply varies by gender and age.